MGE Energy (MGEE) CEO awarded 10,905 restricted stock units in Form 4

Rhea-AI Filing Summary

MGE Energy chairman, president and CEO Jeffrey M. Keebler received an equity award in the form of restricted stock units. He acquired 10,905 RSUs of common stock on a grant or award basis at a stated price of $0.0000 per share, rather than through an open-market purchase.

These RSUs convert into common stock on a one-to-one basis when they vest on December 31, 2028. After this award, his directly held common stock and RSU-related holdings total 31,908.3543 shares, including adjustments for accrued dividends through dividend reinvestment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Keebler Jeffrey M

Role Chairman, President & CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	10,905	$0.00	--

Holdings After Transaction: Common Stock — 31,908.354 shares (Direct)

Footnotes (1)

1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested. The RSUs vest on December 31, 2028. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Keebler Jeffrey M

(Last) (First) (Middle)

133 S BLAIR STREET

PO BOX 1231

(Street)

MADISON WI 53701-1231

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MGE ENERGY INC [ MGEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman, President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/02/2026		A		10,905(1)	A	$0	31,908.3543(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested. The RSUs vest on December 31, 2028.

2. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ Jeffrey M. Keebler	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did MGE Energy (MGEE) insider Jeffrey Keebler report on this Form 4?

Jeffrey M. Keebler reported receiving an equity award of 10,905 restricted stock units. The award is coded as a grant or other acquisition, not an open-market purchase, and increases his directly held common stock and RSU-related holdings to 31,908.3543 shares.

How many MGE Energy (MGEE) shares were involved in Keebler’s latest Form 4?

The filing shows an award of 10,905 restricted stock units tied to MGE Energy common stock. These RSUs vest into the same number of common shares on a one-to-one basis, contributing to a post-transaction total of 31,908.3543 shares held directly.

Was Jeffrey Keebler buying or selling MGEE stock in this Form 4?

The transaction reflects an acquisition through a grant or award, not a market buy or sell. Code “A” indicates a grant, and the per-share price is recorded as $0.0000, consistent with stock-based compensation rather than cash-funded trading activity.

When do Jeffrey Keebler’s newly granted MGEE restricted stock units vest?

The restricted stock units granted to Jeffrey Keebler are scheduled to vest on December 31, 2028. Upon vesting, each RSU converts into one share of MGE Energy common stock, subject to the award’s terms and continued service or other conditions, if applicable.

What does the dividend reinvestment footnote mean in the MGEE Form 4?

The footnote explains that the reported total includes adjustments for accrued dividends added through dividend reinvestment. These adjustments are described as exempt from Section 16 under Rule 16a-11, meaning routine dividend-based increases are reported but treated as exempt transactions.